London bucks house prices trend

30/01/12

By Scott Allan

Property experts have predicted that London will continue to be the only area in the UK to experience house price rises after new data showed average figures for January failed to grow.

A survey of about 1,500 estate agents and surveyors found UK house prices in January remained flat after falls of 0.2 per cent in both of the previous months. London was the only area to see a monthly rise while a fall of 0.4 per cent in the North East was the biggest drop.

Experts have claimed that buyers are viewing London as a safe haven amid the financial difficulties in eurozone countries, with the impact of the forthcoming Olympics expected to make the city even more attractive.

The industry has experienced a slow start to 2012, according to the Hometrack report, with 10.5 per cent fewer new buyers registering with agents compared to December, 14.3 per cent less sales going through and 5.4 per cent fewer properties listed.

Sellers in the North, Midlands and Wales are finding that their property stays on the market for an average of three months compared to just six-and-a-half weeks in the English capital.